Directors of Wolverine World Wide, authorized the repurchase of an additional 2.0 million shares of the Company's common stock through open market or privately negotiated transactions over a two year period. The new
authorization follows similar repurchase programs initiated by Company Directors in 2000 and 2002, under which approximately 200,000 shares remain authorized for repurchase. Excluding treasury shares, Wolverine World Wide has approximately 39.5 million shares of common stock issued and outstanding.
In addition to the stock repurchase program, the Directors approved a
quarterly cash dividend of $0.055 per share of common stock. The dividend is
payable February 2, 2004, to stockholders of record on January 2, 2004. The
dividend is consistent with the dividends declared in the previous three
quarters and represents a $0.22 per share annual dividend.
“We are very pleased with the financial strength of our business,” stated
Stephen L. Gulis, Jr., Wolverine World Wide's Executive Vice President and
CFO. “Our growth plan is working and our business continues to generate
strong cash flow. The new share repurchase authorization reflects our belief
that the Company's stock is an excellent value and our dividend program, which
has grown consistently over the past decade, continues to reward
stockholders.”
